Mobile phone payments: convenient, quick and secure

ING is launching a new payment method: paying with your smartphone

From 2 September, for a three-month period, around 1,000 consumers will be able to pay for goods and services using their smartphone. The amount to be paid will be debited directly from their bank account, just like a normal PIN payment. This is a more convenient and quicker payment method for consumers and businesses alike.

ABN AMRO and Rabobank are also launching the new payment method. The three banks are working on this payment innovation together with MasterCard, KPN and the municipality of Leiden, the location of the pilot. At the end of the pilot, each bank will decide individually whether and how it plans to offer this payment method to its customers.

Convenient...

When paying by mobile, the customer holds his or her smartphone a few centimetres away from the retailer’s payment terminal. The payment is settled using Near Field Communication (NFC) technology in the smartphone and the payment terminal. For amounts up to € 25 the customer does not have to enter a PIN (unless he or she has entered a different setting). A PIN is always required for amounts over € 25 and the customer types his or her PIN into the phone.

...quicker...

Paying by mobile is quicker than paying by cash or the traditional payment card. It saves time at the till, which benefits both the business and the consumer. For the business, it means less cash, as well as greater security and more efficient operations.

...and secure

Paying with a smartphone is just as secure as paying with a payment card. MasterCard has been offering payments via NFC outside the Netherlands for some time now without difficulty. If the phone is lost or stolen, the customer is protected against payments of more than € 25 with the PIN. Payments of under € 25 can only be made until the total exceeds € 50. In that case, the customer is required to enter his or her PIN for verification purposes.

Would you like to find out more?

Watch video ‘Betalen met je mobiel’ (mobile phone payments, Dutch spoken) + videoscript in English